Answered step by step
Verified Expert Solution
Link Copied!

Question

1 Approved Answer

Please help me to solve question 1b. GDB2013 Discuss THREE (3) accounting principles. 1. a. 9 mafks] Journalize the transactions given in TABLE Q1. b.

image text in transcribed

Please help me to solve question 1b.

GDB2013 Discuss THREE (3) accounting principles. 1. a. 9 mafks] Journalize the transactions given in TABLE Q1. b. [11 marks TABLE Q1: Transactions Started business with cash RM50,000, building February 1 worth RM352,000 and a worker. Deposited RM12,000 cash into business's bank 3 account Purchased goods for cash RM18,000 from Ahmad 5 & Sons. Obtained a loan of RM41,000 from HSBC Bank 7 and issued a 10 years' note. Purchased goods on credit from Star Inc. costing 12 RM15,000. Returned goods to Star Inc.. costing RM1,000 due 13 to inferior quality. Sold goods to Joseph & Sons for RM20,000 and received a cheque from them for 50 % payment; 18 the remaining amount is receivable on March 18. Paid RM2,600 salary to the worker using cash. Paid the amount due to Star Inc. and received 3% cash discount Sold goods on credit to Mr. Jacob for RM10,000 25 26 30 31 Paid electricity expenses of RM1,200 by cash

Step by Step Solution

There are 3 Steps involved in it

Step: 1

blur-text-image

Get Instant Access to Expert-Tailored Solutions

See step-by-step solutions with expert insights and AI powered tools for academic success

Step: 2

blur-text-image

Step: 3

blur-text-image

Ace Your Homework with AI

Get the answers you need in no time with our AI-driven, step-by-step assistance

Get Started

Recommended Textbook for

Financial Accounting A Practical Version

Authors: Abanis Turyahebwa ,Kasozi Geoffrey

1st Edition

6205489481, 978-6205489482

More Books

Students also viewed these Accounting questions

Question

Understand the different approaches to job design. page 167

Answered: 1 week ago